Midterm Review v3 Accounting I Steps 1-10 and everything in-between. JEOPARDY Dez Kennedy Charles

CCNA1 v3 Module 1 RouterModesWANEncapsulationWANServicesRouterBasicsRouterCommands RouterModesWANEncapsulationWANServicesRouterBasicsRouterCommands Accounting Cycle Accounting Cycle Financial Statements Financial Statements Transactions Source Documents Normal Balances Normal Balances Vocabulary ► ► ► F i n a l J e o p a r d y ◄ ◄ ◄

CCNA1 v3 Module 1 Mrs. Showalter is analyzing transactions. What did she do before this? Question Accounting Cycle 100 What is verify source documents Accounting

CCNA1 v3 Module 1 Question What is Step 6: Completing the Worksheet. During which part of the accounting cycle do you extend balances? Accounting Accounting Cycle

CCNA1 v3 Module 1 Question What are General Ledger accounts with balances. The post-closing trial balance only includes … Accounting Accounting Cycle 300

CCNA1 v3 Module 1 Question What are (3): Trial Balance, Worksheet, and Preparing Financial Statements. How many steps of the accounting cycle are done when closing the month? What are they? Accounting Accounting Cycle 400

CCNA1 v3 Module 1 Question Accounting What is Step 3: Journalizing Transactions because Adjustments are also journal entries. Adjustments can be related to which step in the accounting equation and why? Accounting Cycle 500

CCNA1 v3 Module 1 Question Accounting What is an Income Statement. Which financial statement records revenue and expenses? Financial Statements

CCNA1 v3 Module 1 Question Accounting A: What is the Balance Sheet. Which Financial Statement resembles the accounting equation? Financial Statements 200

CCNA1 v3 Module 1 Question Accounting What is an Income Statement. Financial Statements 300 On which financial statement would you calculate a component percentage?

CCNA1 v3 Module 1 How do you calculate the current capital with a net loss? Question Accounting What is Current Account Balance – Net Loss – Drawing Account Balance Financial Statements 400

CCNA1 v3 Module 1 Question Accounting What is Total Sales divided by Total Sales, 100% Financial Statements 500 How do you calculate the Total Sales Component Percentage? What should it equal?

CCNA1 v3 Module 1 Question Accounting What is DR Cash CR Sales RECEIVED CASH FROM SALES What is the journal entry? Transactions 100

CCNA1 v3 Module 1 Question Accounting What are Cash and Supplies. PAID CASH FOR SUPPLIES Which 2 accounts are affected? Transactions 200

CCNA1 v3 Module 1 Question Accounting What is DR Cash CR Capital RECEIVED CASH FROM OWNER AS INVESTMENT What is the journal entry? Transactions 300

CCNA1 v3 Module 1 Question What are Supplies and Accounts Payable BOUGHT SUPPLIES ON ACCOUNT Which 2 accounts are affected? Transactions 400

CCNA1 v3 Module 1 Question What is DR Drawing CR Cash PAID CASH TO OWNER FOR PERSONAL USE What is the journal entry? Transactions 500

CCNA1 v3 Module 1 Question What is when there is no other source documents available. Memorandums are used when… Source Documents 100

CCNA1 v3 Module 1 Question What is a business paper from which information is obtained for a journal entry. A source document is.. Source Documents 200

CCNA1 v3 Module 1 Question What is a check, sales invoice, receipt, memorandum and calculator tape. Name all of the source documents. Source Documents 300

CCNA1 v3 Module 1 Question What is when paying cash. When are checks used? Source Documents 400

CCNA1 v3 Module 1 Question What is a sales invoice. What source document is used for recording a sale on account? Source Documents 500

CCNA1 v3 Module 1 Question What is Debit. What is the normal balance of Cash? Normal Balances 100

CCNA1 v3 Module 1 Question What is Credit. What is the normal balance of Liabilities? Normal Balances 200

CCNA1 v3 Module 1 Question What is Credit. What is the overall normal balance of Owner’s Equity? Normal Balances 300

CCNA1 v3 Module 1 Question What are Drawing and Expenses. What 2 Owner’s Equity accounts have a normal Debit balance? Normal Balances 400

CCNA1 v3 Module 1 Question What are Capital and Revenue. What 2 Owner’s Equity accounts have a normal Credit balance? Normal Balances 500

CCNA1 v3 Module 1 Question What is Assets = Liabilities + Owner’s Equity. What is the accounting equation? Vocabulary 100

CCNA1 v3 Module 1 Question What is how an account is increased. What is Normal Balance? Vocabulary 200

CCNA1 v3 Module 1 Question What is opening an account. Writing the account name and number on the General Ledger page is called… Vocabulary 300

CCNA1 v3 Module 1 Question What is the length of time for which a business summarizes and reports financial information. What is a fiscal period? Vocabulary 400

CCNA1 v3 Module 1 Question What is the recording of debit and credit parts of a transaction. What is double-entry accounting? Vocabulary 500

CCNA1 v3 Module 1 Question What is (Group 1) Verifying Source Documents, Analyzing Transactions, Journalizing Transactions, Posting to the Ledger (Group 2) Trial Balance, Worksheet, Preparing Financial Statements (Group 3) Adjusting Entries, Closing Entries and the Post Closing Trial Balance. 1 – done all month 2-close current month 3-preparing for next month What are all 10 steps of the accounting cycle? Say them in order and by category. Final Jeopardy